SOURCE: Wood Partners

Wood Partners

March 31, 2014 16:16 ET

$45 Million Alta Legacy Farms Apartment Community in Hopkinton, Mass. Nears Final Completion

240-Unit Neighborhood in Highly Desirable Master-Planned Community Just 30 Minutes From Downtown Boston Is a Showcase for Low-Impact Design

HOPKINTON, MA--(Marketwired - Mar 31, 2014) - Wood Partners, one of the nation's largest and most active multifamily developers, recently announced that Alta Legacy Farms, a $45 million 240-unit apartment community in Hopkinton, Mass., is almost complete. This luxurious multifamily community, which opened for lease in July 2013, is currently 43 percent leased.

Wood Partners recently announced that its property management division, Wood Residential Services (WRS), will be in charge of managing Alta Legacy Farms. WRS currently manages more than 28 apartment communities nationwide.

The development is part of the master-planned Legacy Farms project, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space.

Alta Legacy Farms includes 156 one-bedroom units ranging from 772 to 1,000 square feet and 84 two-bedroom units of approximately 1,200 square feet. Thirty-nine one-bedroom and 21 two-bedroom units classified as affordable housing are available to residents who earn 80 percent or less of Area Median Income.

"Everything about Hopkinton makes it a highly desirable location," said Adelaide Grady, director of development for Wood Partners in the Boston area. "We took inspiration from our surroundings to construct Alta Legacy Farms as a perfect extension of small town New England life. These new apartments with all the conveniences are built on expertly conserved and restored surroundings."

Alta Legacy Farms is a garden-style, three-story walkup development on 18 acres with six acres of restricted land set aside as permanent conservation land. Separated from the rest of the community by a buffer of existing wetlands and natural vegetation, the apartment development includes a clubroom with a tasting lounge, billiard room, coffee bar, media room, business center and cyber-café, theater, and an expansive fitness center with personal televisions on cardio equipment. Adjoining the clubhouse is an outdoor lounge area with a fire pit and built-in grilling stations and a resort-style pool with a sundeck.

Unit amenities include wood cabinets, granite countertops, kitchen islands, wood-look vinyl plank flooring in kitchens and entries, an energy-efficient appliance package including microwave range hoods, garbage disposals, one-inch vinyl window blinds, cultured marble vanities with integral sinks in bathrooms, and full-size washers and dryers in all units. Broadband internet access and cable or satellite television services are also included.

The master-planned Legacy Farms community, which received the Massachusetts Chapter of the American Planning Association's 2009 Outstanding Award for a Planning Project, includes six miles of walking trails, playing fields and a village center with an active Main Street. More than 2,500 residents are expected to live, work, shop and play in this national model of Smart Growth. The community's low-impact, minimal-footprint design includes narrow roads to reduce impervious area, on-site wastewater treatment and storm water management, minimal site disturbance and restoration of more than 240 acres of land used by Weston Nurseries' horticultural operations.

Located less than 30 miles from downtown Boston at the intersection of Interstates 90 and 495, Hopkinton is perhaps best known as the starting point for the Boston Marathon, held each year on Patriots' Day (the third Monday in April). Its 28 square miles is rife with natural resources, including an expansive forest and three lakes, seven local parks, a bird sanctuary, and an extensive trail system ideal for many types of outdoor recreation including biking, hiking and cross-country skiing.

Hopkinton's proximity to the Mass Pike retail and employment corridor and downtown Boston, one of the most robust employment hubs on the eastern seaboard and the country's most vibrant scholastic center, makes it ideal for personal and professional development. EMC Worldwide corporate headquarters are located in Hopkinton, and A123 Systems, Barry Controls, Caliper Life Sciences, E.L. Harvey & Sons, Liberty Mutual, Bose, Genzyme, TJX and Fidelity Investments are within a 10-mile radius.

"The addition of Legacy Farms to the town of Hopkinton creates the opportunity for a significant draw of new people, new jobs and a new regional vitality," Grady said.

Alta Legacy Farms is financed by a construction loan from Cambridge Savings Bank and equity investment by Bavin, Inc. Wood Partners was the general contractor and the project was designed by Cube3 StudiosAllen & Major Associates, Inc. (A&M) provided structural engineering services including design development, construction documents and construction management. The project was designed and overseen by Benjamin Schlick, PE, Structural Department Head at A&M Lakeville, MA.

For more information, please visit www.altalegacyfarms.com or 508.435.0025.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 49,000 homes with a combined value of more than $7.6 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Southern California and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.